Special assessment payment and collection

(a) The director of budget and fiscal services shall collect the special assessment for a district on a basis to be agreed upon by the city, through its director of budget and fiscal services and the district board. The director of budget and fiscal services shall deposit all moneys so collected in an account for the district in the general trust fund, unless another city fund is identified as the depository in the ordinance establishing the district. (b) All special assessments levied shall be due and payable according to terms established by the district board. (c) Failure to pay the amount assessed when due shall thereafter bear penalty and interest at rates and terms determined by the district board. Any penalties and interest collected shall be deposited in that district’s fund. (d) The director of budget and fiscal services may deduct from special assessments collected the administrative expenses directly incurred in collection. (e) Special assessments collected shall be transmitted to the district within 15 days after the date that they are due and payable to the city. (f) By a date set in the ordinance establishing the district or written agreement between the district board and city, the director of budget and fiscal services shall prepare and submit a report to the district board summarizing the special assessments collected or that remain unpaid by parcel of land and landowner, the amount of interest and penalties collected, the amount of moneys paid out for district purposes, and the amount of administrative expenses directly incurred in the collection of special assessments, that were deducted from the amounts collected.